In 2010, there were 12 condos sold at beachfront Kolea at Waikoloa Beach Resort--seven of them distressed properties (bank-owned REOs or short sales).
As of this morning, 13 Kolea villas have closed in 2011--nine of them distressed. There are also two short sales still in escrow, and two non-short sales in escrow, one of which will close before year end.
That is an incredibly consistent level of demand for the past two years. The question is whether it can be sustained in 2012, given that as of today we have only one distressed listing at Kolea and there is a significant gap between distressed and non-distressed pricing.
All Kolea villas have the upscale finishes; Kolea 16J is now lowest priced at $525,000 (MLS 233827)
There are only two active listings which are short sales and I've been told by both seller's and buyer's agent that one of them has an accepted offer ready to present to the bank. That leaves one Kolea condo for sale at a short sale price, and it happens to be my listing.
Kolea 16J is a 2-bedroom, 2-bath unit in the twelve-plex buildings. It has a strong rental track record and future bookings the lucky buyer could take over. The price was just reduced to $525,000...the same price for which Kolea 15J, one building over, just sold. Lienholder approval should be relatively straightforward on this short sale!
The condo is rented through the coming holiday week but available to view in early January. We had 4 offers within 48 hours when 15J hit the market, so don't hesitate if your dream is to own at Kolea!